The successive snow storms in Washington D.C. have limited the activity this week in Congress on financial services reform.  Nonetheless, on Tuesday, February 9, House Financial Services Committee Chairman, Barney Frank issued a statement regarding the financial industry and the need for increased consumer protection in the U.S. financial industry.  Chairman Frank was responding to a recent op-ed presentation in the Wall Street Journal by Harvard Law School Professor Elizabeth Warren, the chair of the Congressional Panel created to investigate the U.S. Bank bailout.

Chairman Frank endorsed Professor Warren's case for increased consumer protection in the financial industry.  He stressed the need for an independent agency to provide such protection, and noted that competitive pressures in the financial industry mandated that reform be accomplished through "thoughtful legislation and regulation that applies to all."

Additionally, despite a previous impasse, talks resumed today, Thursday, February 11, in the Senate on financial reform.  Senate Banking Committee Chairman, and Democrat, Christopher Dodd has begun talks with Republican Senator Bob Corker.

Read the differences between the House and Senate on financial reform.